Ethbay is the newly launched blockchain based platform that aims to disrupt the traditional online marketplaces using the power of decentralization. It is an online marketplace much like eBay that allows users to buy or sell tangible and non-tangible products using Ethereum charging only a 1% fee, which is significantly lower than fees charged by eBay and other such marketplaces.
Ethbay launched its official ICO on June 7th and the ICO will conclude on August 7th Their EBY tokens are being offered at a price of 5000 tokens for 1 Ethereum. Out of 100 million EBY tokens that will be produced, 80% will be available for sale to the general public.
Unlike the other players in the online marketplace industry, Ethbay does not charge any listing fees from the sellers on the platform, allowing them to post free listings. Being based on blockchain technology and Ethereum smart contract means, Ethbay offers complete safety and security to both the parties during transactions using an ultra-secure Ethereum smart contract escrow to protect transactions. Additionally, it is a one of a kind truly anonymous online marketplace which does not require the user to enter any personal information for registration.
Registered users can also use an encrypted messaging system to interact with other users. The holders of EBY token will have additional advantages in which they will be entitled to a proportional share of the fees generated on the platform and will have voting rights on site proposals.
Ethbay is here to overcome the major shortcomings of the traditional online marketplaces such as over the top fees for transactions & listings, lack of security in carrying out transactions and lack of any long-term reward for platform loyalty. Through its innovative approach, the platform manages to provide users with free listings, drastically reduced transaction fees and rewards the holders with fair returns on their investment using a platform-specific cryptocurrency that tracks the value and popularity of the platform.
Ethbay will be open for users from around the world and to register on the platform, they will not require entering any personal information; however, users may choose to add their email address to receive notifications regarding sales, offers, purchases etc if they wish. Sellers can provide an Ethereum address where they want to receive the payments for any sales they make. Once the buyer receives their order and satisfied with their purchase, they can release the escrow to the seller.
Ethbay is a rapidly growing online marketplace that is continuously working towards improving its services and adding better features to it. In the future, Ethbay plans to add a feature called Ethbay Services on the platform through which the users can buy and sell services using Ethereum, sort of like a decentralized Fiverr. It also plans to create Ethbay Classifieds where the users can buy or sell locally using Ethereum.
More information about the platform and the upcoming ICO can be found on www.ethbay.co.
Images courtesy of Ethbay